Skechers U.S.A. (NYSE:SKX) Price Target Lowered to $80.00 at Bank of America

Skechers U.S.A. (NYSE:SKX) had its price objective reduced by Bank of America from $81.00 to $80.00 in a research report sent to investors on Friday, Benzinga reports. They currently have a buy rating on the textile maker’s stock.

A number of other research analysts have also recently issued reports on SKX. Morgan Stanley upped their price target on shares of Skechers U.S.A. from $81.00 to $84.00 and gave the stock an “overweight” rating in a research report on Friday. Stifel Nicolaus raised their price target on shares of Skechers U.S.A. from $81.00 to $83.00 and gave the company a “buy” rating in a report on Friday, July 26th. TD Cowen decreased their price objective on Skechers U.S.A. from $78.00 to $76.00 and set a “buy” rating on the stock in a research report on Monday, October 14th. Barclays boosted their target price on Skechers U.S.A. from $78.00 to $79.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. Finally, Evercore ISI raised their price target on Skechers U.S.A. from $68.00 to $72.00 and gave the company an “outperform” rating in a report on Friday, July 26th. Eleven research analysts have rated the stock with a buy rating, According to data from MarketBeat, Skechers U.S.A. presently has a consensus rating of “Buy” and an average target price of $78.09.

Skechers U.S.A. Price Performance

Skechers U.S.A. stock traded down $2.42 during mid-day trading on Friday, hitting $59.21. 6,649,372 shares of the company were exchanged, compared to its average volume of 1,871,951. The company has a market capitalization of $9.03 billion, a PE ratio of 15.59, a price-to-earnings-growth ratio of 0.89 and a beta of 1.22. The company has a quick ratio of 1.33, a current ratio of 2.06 and a debt-to-equity ratio of 0.01. The business has a fifty day moving average of $65.98 and a 200 day moving average of $66.11. Skechers U.S.A. has a 1-year low of $45.58 and a 1-year high of $75.09.

Skechers U.S.A. (NYSE:SKX) last posted its quarterly earnings data on Thursday, October 24th. The textile maker reported $1.26 earnings per share for the quarter, topping the consensus estimate of $1.15 by $0.11. The company had revenue of $2.35 billion during the quarter, compared to analyst estimates of $2.31 billion. Skechers U.S.A. had a net margin of 6.90% and a return on equity of 13.04%. The company’s revenue was up 16.0% on a year-over-year basis. During the same quarter last year, the business posted $0.93 earnings per share. As a group, sell-side analysts expect that Skechers U.S.A. will post 4.15 earnings per share for the current year.

Skechers U.S.A. announced that its board has authorized a stock buyback program on Thursday, July 25th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the textile maker to repurchase up to 10.3% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

Hedge Funds Weigh In On Skechers U.S.A.

Institutional investors and hedge funds have recently made changes to their positions in the company. Adams Diversified Equity Fund Inc. bought a new position in Skechers U.S.A. during the third quarter worth about $16,790,000. Integrated Advisors Network LLC bought a new position in shares of Skechers U.S.A. during the 3rd quarter valued at about $229,000. China Universal Asset Management Co. Ltd. acquired a new position in shares of Skechers U.S.A. in the 3rd quarter valued at approximately $1,214,000. Semanteon Capital Management LP bought a new stake in Skechers U.S.A. during the 3rd quarter worth approximately $330,000. Finally, State of Alaska Department of Revenue raised its holdings in shares of Skechers U.S.A. by 165.9% during the third quarter. State of Alaska Department of Revenue now owns 38,535 shares of the textile maker’s stock worth $2,578,000 after acquiring an additional 24,040 shares during the period. Institutional investors and hedge funds own 79.96% of the company’s stock.

About Skechers U.S.A.

Skechers U.SA, Inc designs, develops, markets, and distributes footwear for men, women, and children worldwide. The company operates through Wholesale and Direct-to-Consumer segments. It offers footwear under Skechers Hands Free Slip-ins, Skechers Arch Fit, and Skechers Air-Cooled Memory Foam brands.